Assuming a periodic system is in use and using the cost of goods sold above, determine the following: Cost of goods sold and the ending inventory using LIFO inventory method: Question 7 options: LIFO Perpetual Date Purchases Sales at Cost Inventory Balance 1/1 Beginning Inventory 5 @ $ 20 = $100 1/5 2 @ $20 = $40 3 @ $20 = 60 1/11 9 @ $12=$108 3 @ $20 = $60 9 @ $12 = 108 $168 1/18 3 @ $20 = $60 4 @ $12 = 48 $108 3 @ $20 = $60 2 @ $12 = 24 $ 84 Ending Inventory Total COGS $40 + 84 = $124 LIFO Perpetual Date Purchases Sales at Cost Inventory Balance 1/1 Beginning Inventory 5 @ $20 =$100 1/5 2 @ $20 = $40 3 @ $20 = $60 1/11 9 @ 12=$108 3 @ $20 =$60 9 @ $12 =108 $168 1/28 3 @ $20 = $60 4 @ $12 = 48 $108 5 @ $12 =$60 Ending Inventory Total COGS $40 + 108 = $148 LIFO Perpetual Date Purchases Sales at Cost Inventory Balance 1/1 Beginning Inventory 5 @ $ 20 = $100 1/5 2 @ $20 = $40 3 @ $20 = $60 1/11 9 @ $12=$108 3 @ $20 = $80 9 @ $12 =$88 $168 1/18 3 @ $20 = $60 4 @ $12 =48 $108 3 @ $20 = $60 2 @ $12 = 24 $ 64 Ending Inventory Total COGS $40 + 84 = $124